Central Bank Of Nigeria Endorses Bitcoin

It is a great news for Nigerians with the endorsement of Bitcoin by Central Bank of Nigeria with readiness to create awareness for its use.

According to the Head Payments System Policy and Oversight, Musa Itopa Jimoh, Central Bank and Monetary Authorities have decided to turn on their antennas to pay huge attention to the disruption permeating the finance system by the blockchain technology.

A lot of countries including Jamaica are already seeing the great benefits aligned with cryptocurrency and are making moves to see how it can benefit the economy of their nation. Musa also stated that very soon, as cautious as they might have been, all Central Bank Authorities worldwide won't eventually have a choice than to legitimately make use of the blockchain technology to drive financial services which includes the issuance of digital currency. In Musa's word;

Nigeria's position is very clear. We cannot stop the tide of waves generated by the Blockchain technology and its derivatives. However the Central Bank has the responsibilities of ensuring price and financial system stability. This is why digital currency issuance becomes a major concern to the Central bank of Nigeria. To this end, the Central bank of Nigeria has kick started several initiatives and research works to identify the various use cases of Blockchain Technology Including the issuance of Digital currency using the Blockchain technology.

A group has therefore been created (Blockchain Nigeria User Group) to raise awareness on Blockchain Technology and Cryptocurrency in Nigeria most especially amongst stakeholders including the regulatory authorities.